Ynet reports that the new diamond exchange center in Manhattan, which is currently under construction, is based on an Israeli model. The building, which will be known as the International Gem Tower, is scheduled for completion in mid 2011 and will serve as the largest diamond and jewelry center in the United States.

The construction costs of the International Gem Tower, which is a replica of the Israeli Diamond Exchange in Ramat Gan, are estimated at $750 million. The new diamond center will provide the US diamond industry with a wide range of services as well as upgrading the level of security.

American construction firm Extell Development, which is in charge of the construction of the diamond exchange at the Diamond District, states that many diamond traders are currently working in crumbling old buildings in the Diamond District that do not provide them with the appropriate working conditions. According to Extell Project Management VP Raizy Haas, the International Gem Tower will provide diamond businesses with improved working conditions as well as a higher level of security, which will match the security of the Israeli Diamond Exchange in Ramat Gan.